Qatar’s construction sector estimated to reach $57.69bln in 2023

Qatar’s construction sector estimated to reach $57.69bln in 2023

Doha, Qatar: Analysts state that Qatar's construction market size is estimated at QR210.01bn ($57.68bn) and is expected to amount to QR325.03bn ($89.27bn) in the coming years.

Experts at a global researching platform, Mordor Intelligence said that Qatar’s construction industry is anticipated to rise by a 9.13 percent compound annual growth rate (CAGR) by 2028.

The researchers underline key statistics and reasons for the overall growth of the market including commercial, residential, industrial, infrastructure, and energy and utilities. The report said: “For mechanical, electrical, and plumbing items, Qatari contractors, are particularly dependent on European suppliers and manufacturers; hence, a European supply deficit forced Qatari contractors to look for alternate suppliers. This affected the prices of the goods and raised questions about the cancellation of purchase orders and the termination of existing contracts.”

However, it mentions that the World Cup tournament held last year created a significant impact on the industry and the forthcoming events will enable Qatar to construct impressive infrastructures and industrial projects. The report highlights that Qatar will be spending a total of QR9.83bn ($2bn) towards the 2050 transportation master plan this year. Qatar has been well-versed in enhanced infrastructures boosting its leisure industry.

Some of the finest examples of past projects include